Empower Financial Services: A Comprehensive Overview

Empower, a financial services company with deep Canadian roots dating back to 1891, has made significant strides in the industry since its launch in 2014. With a focus on retirement plans and comprehensive wealth management, Empower has become the second-largest retirement plan provider in the country, serving over 17 million customers.

In 2020, Empower made a strategic move by acquiring Personal Capital, a popular investment robo-advisory platform. This acquisition allowed Empower to combine its robust retirement plan services with Personal Capital’s digital personal wealth management platform, offering customers a seamless and integrated financial experience.

One of the standout features of Empower is its Empower Financial Advisor, which boasts assets under management of $1.3 trillion. The platform offers a range of accounts, including Empower Personal Cash, budgeting tools, personalized retirement portfolios, and wealth advisory services. Customers can access these services through a user-friendly mobile app with high ratings.

Empower is best suited for individuals looking to gain a better understanding of their financial situation, create a budget, track their spending, analyze their retirement progress, and build a customized investment portfolio. The platform also offers a high-yield cash account, currently offering a 4.70% annual percentage yield, which is significantly higher than the national average.

While Empower’s financial tools are free to use, customers looking for personalized advisors or a customized investment strategy will need to have $100,000 or more to invest. This makes Empower ideal for those with six figures or more in assets.

Pros of using Empower include free money management tools, a high-yield cash account with no fees, a wide range of advisory services, and personalized options. However, some cons include a heavy focus on retirement planning, no access to debit cards or paper checks, and higher fees compared to other platforms.

Overall, Empower offers a comprehensive suite of financial and investment services, catering to a wide range of customer needs and preferences. With its user-friendly mobile app, high-yield cash account, and wealth management services, Empower is a solid choice for individuals looking to take control of their financial future.